The Tel Aviv Stock Exchange (TASE) indices rose today. The Tel Aviv 25 index rose 0.63% to 561.45 points, the Tel Aviv 100 rose 0.44% to 586.47 points, and the Tel-Tech rose 0.29% 415.37 points. Turnover was NIS 510.9 million.
After yesterday's profit-taking, the TASE rose slowly during most of today's session. Then, 15 minutes before the close of continuous trading, Governor of the Bank of Israel David Klein unexpectedly announced a 0.2% interest rate cut to 3.9%, and the indices promptly began rising. It will be interesting to see whether the public will respond to the interest rate cut by boosting the stock market.
Tadiran Communications (TASE:TDCM) fell 6.5% today on disappointing results. It has fallen 16% since Koor Industries (NYSE:KOR; TASE:KOR) acquired First Israel Mezzanine Investors and Shamrock Holdings' stakes in the company. Today's turnover in Tadiran Communications was a very high NIS 42 million, underscoring the market's bitter disappointment from the poor results.
Koor was also punished for the results of its old-new subsidiary, falling 2.7% after Tadiran Communications published its financial report.
Will Israel Chemicals follow Teva?
"Israel Chemicals (TASE:CLIM) can allow itself to make a large acquisition of the kind hitherto only made by Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA)," said Leader DS analyst Uri Hershkovitz in a very favorable position paper on Israel Chemicals following its excellent financial report for the third quarter.
Excellence Nessuah and Poalim Sahar Securities also gave Israel Chemicals a very positive recommendations today. After falling for two days, Israel Chemicals resumed its rise of recent weeks, rising 1.4% today, thanks to the positive recommendations.
Polar sells Mind CTI
Mind CTI (Nasdaq:MNDO; TASE:MNDO) fell 3.3% on an unusual NIS 26 million turnover today. As reported last week, Polar Investments (TASE:PLR) sold another block of shares in the company. It sold NIS 23 million worth of Mind CTI shares through Leader Holdings and Investments (TASE:LDER).
Housing and Construction Holding Co.(Shikun u'Binui) (TASE:HUCN) rose 1.5% today. Psagot Ofek analyst Eyal Hermoni today stated that the negative pressure on the share in recent weeks has ended now that a group of employees has stopped selling shares. He said the combination of less pressure on the share and the management's recovery measures would probably boost the company's value. Hermoni gave Housing and Construction a "Buy" recommendation with a target price of NIS 41.6% above its market price.
Published by Globes [online] - www.globes.co.il - on November 22, 2004